Ch2-Q19. Net Income and OCF. During the year, BelykPaving Co. had sales of $2,600,000. Cost of goods sold,administrative and selling expenses, and depreciationexpense were $1,535,000, $465,000, and $520,000,respectively. In addition, the company had an interestexpense of $245,000 and a tax rate of 35 percent. (Ignoreany tax loss carryback or carryforward provisions. K收)a. What is the company's net income?b. What is its operating cash flow?c. Explain your results in parts (a) and (b).

Belyk Paving Co.'s net income and operating cash flow (OCF) for the year and explanations on the…

Answered: Ch2-Q19. Net Income and OCF. During the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Mr. Mohammed is the owner and the Manager of Big Fried Chicken LLC in Muscat; his company made a total revenue of 300,000 OMR in 2020. The total expenses is 320,000 OMR in the same year. How much will be his profit/loss for the year 2020? a. Loss of 620,000 OMR b. Profit of 620,000 OMR c. Loss of 20,000 OMR d. Profit of 20,000 OMR
Tasneem Sdn Bhd acquired Lapmin Sdn Bhd, an unincorporated entity, for RM2.8 million. A fair value exercise performed on Lowdown’s net assets at the date of purchase showed: RM'000 Property, plant and equipment 3,000 Identifiable intangible asset 500 Inventory 300 Trade receivables less payables 200 4,000 How would the purchase be reflected in the consolidated statement of financial position? A. Record the purchase as a financial asset investment at RM2.8 million B. Ignore the intangible asset (RM500,000), recording the remaining net assets at theirvalues shown above and crediting profit or loss with RM700,000 C. Record the net assets at their above values and credit profit or loss with RM1.2 million D. Record the net assets at their above values and credit goodwill with RM1.2 million
! Required information [The following information applies to the questions displayed below.] Doyle Company issued $394,000 of 10-year, 7 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $79,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Prepare the journal entries for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 Jan 01 Bonds payable Cash Debit Credit
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Explain the term Allowances?
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i). Store manager MIze company’s car for personal purpose because he is the only person that monitor the movement and usage of the car. ii). Ali corporation booked revenues earlier than it should have because it was at risk of missing analyst estimates. Explain what the 2 types of fraud committed in the situation.
James sold his home for $379,000. If the real estate commission was 5.5%, how much commission did he have to pay? O $20,845 to the listing broker. O $10,422.50 to the listing broker and $10,422.50 to the selling broker. O $45.845 to the listing agent. O $20.845 to the buyer's broker.
Sunland Corporation had the following transactions pertaining to debt investments. 1. Purchased 40 Leeds Co. 8% bonds (each with a face value of $1,000) for $40,000 cash. Interest is payable annually on January 1, 2022. 2. Accrued interest on Leeds Co. bonds on December 31, 2022. 3. Received interest on Leeds Co. bonds on January 1, 2023. 4. Sold 30 Leeds Co. bonds for $34,500 on January 1, 2023. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation 1. Jan. 1, 2022 Debt Investments Cash 2. Dec. 31, 2022 Interest Receivable Interest Revenue 3. Jan. 1, 2023 Cash Debit 40000 3600 3600 Credit
In 2022, Ellen and Ed, married filing jointly, had $10,000 mortgage interest, $2,000 real estate taxes, $2,000 state income tax, and medical expenses of $2,000. Assuming they had an adjusted gross income of $50,000, which of the following is TRUE? Question 12Select one: a. They should take a standard deduction of $24,000. b. They should take a standard deduction of $12,000 c. They should take an itemized deduction of $14,000. d. They should take an itemized deduction of $16,000.
Alberto sold a lot. Data relating to the sale of the lot are as follows: Fair market value P10,000,000 12,000,000 6,000,000 Selling price Cost What are the amounts subject to the following 11. income tax

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